{"id":34105,"date":"2022-10-19T11:03:16","date_gmt":"2022-10-19T15:03:16","guid":{"rendered":"https:\/\/autosector.com\/?p=34105"},"modified":"2022-10-19T11:03:16","modified_gmt":"2022-10-19T15:03:16","slug":"autonomy-expands-ev-subscription-access-to-limited-credit-users","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=34105","title":{"rendered":"Autonomy\u2019s new partnership makes EV driving more obtainable for drivers with little to no credit history"},"content":{"rendered":"

The largest US-based EV subscription service, Autonomy<\/a>, announced Wednesday it will be teaming up with Nova Credit to make it easier for customers with little to no credit to qualify to drive an electric vehicle. <\/p>\n

Autonomy was rebranded earlier this year with the mission of giving people the financial flexibility to drive an electric vehicle without committing to the long-term costs of ownership. <\/p>\n

Rather than outright buying or leasing an EV, Autonomy allows consumers to subscribe and drive in less than 10 minutes. The process is fully digital through the Autonomy app or the company\u2019s website.<\/p>\n

You can drive the EV as long as you like, paying a monthly fee and returning it when finished, while Autonomy owns the car. Autonomy started with 100 Tesla Model 3\u2019s<\/a> in January with plans to have 10,000 by the end of the year.<\/p>\n

Scott Painter, cofounder and CEO of Autonomy, is well aware of car prices after founding TrueCar, a vehicle listing company. At that time, Painter explained:<\/p>\n

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Electric vehicles have reached a tipping point, and it\u2019s clear that the Tesla Model 3 is this generation\u2019s Prius. Financial responsibility and the avoidance of debt is also at an inflection point and subscriptions have become a pervasive, sustainable business model and a cornerstone of modern digital life.<\/p>\n<\/blockquote>\n

In July, Electrek<\/em> reported Autonomy was adding around 200 EVs per week<\/a>, including Tesla Model Y models. Perhaps, the most important milestone so far was the massive order for 23,000 electric vehicles<\/a> from Tesla, VW, Ford, GM, Hyundai, Rivian, Polestar, and more in August.<\/p>\n

Autonomy\u2019s latest partnership with Nova Credit will allow more people to experience zero-emission EV driving even with little or no credit history.<\/p>\n

\"Autonomy-credit-EV\"
Autonomy electric Tesla vehicle \/ Source: Autonomy<\/figcaption><\/figure>\n

Autonomy enabling EV driving through financial inclusivity<\/h2>\n

The new partnership<\/a> will combine Autonomy\u2019s simple application process with Nova Credit\u2019s lending tools, allowing more people to qualify for a subscription, particularly those with \u201cthin\u201d or no credit.<\/p>\n

As Autonomy expands its network, it believes the new process will help \u201csustain rapid yet qualified customer growth.\u201d <\/p>\n

A Consumer Reports<\/em> study finds over a third<\/a> of Americans are considering buying an EV. On the other hand, the purchase cost was one of the most significant factors for those who didn\u2019t plan to buy an EV. <\/p>\n

Autonomy plans to solve this problem by integrating Nova Credit\u2019s underwriting solution, Cash Atlas, allowing potential customers to increase their chances of getting approved. The company says it will now be able to \u201cautomate credit risk decisioning\u201d directly from a customer\u2019s bank data instead of traditional credit reports, which are often months behind.<\/p>\n

Painter commented on what he looks to accomplish with the new partnership, stating:<\/p>\n

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Being able to automate the underwriting decision for customers that don\u2019t have traditional credit histories, yet represent a great customer fit for our product, is the goal of this partnership. <\/p>\n<\/blockquote>\n

Before adding:<\/p>\n

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Implementing Nova Credit\u2019s Cash Atlas\u2122 product will allow us to look beyond the traditional definitions of creditworthiness and help get more customers access to electric vehicles while ensuring that the performance of our subscription fleet remains radically better than traditional auto finance.<\/p>\n<\/blockquote>\n

According to Autonomy, the company currently offers subscription options for Tesla Model 3<\/a> and Tesla Model Y<\/a>. Meanwhile, the subscription EV company will soon have the entire Tesla lineup and several other popular EV models from nearly every automaker.<\/p>\n

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